PicPay is the second-largest digital bank in Brazil by number of customers

SÃO PAULO --(BUSINESS WIRE)

PicPay announced today the launch of its initial public offering, consisting of an offering of 22,857,143 Class A common shares pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”). The estimated price range for the offering is US$16.00 to US$19.00 per Class A common share. If the offering is completed, PicPay intends to list its Class A common shares on the Nasdaq Global Select Market under the symbol “PICS.”

Bicycle Capital, a growth equity firm focused on durable, market-leading businesses across Latin America and beyond, together with certain affiliated entities (collectively, the “anchor investors”), have indicated an interest in purchasing an aggregate amount of US$75,000,000 of our Class A common shares in the offering at the initial public offering price. Because these indications of interest are not binding agreements or commitments to purchase shares in this offering, the anchor investors may decide to purchase more, fewer, or no shares in this offering, or we and the underwriters may decide to sell more, fewer or no shares to the anchor investors.

Citigroup, BofA Securities and RBC Capital Markets are acting as joint global coordinators for the offering. Mizuho, Wolfe | Nomura Alliance, Bradesco BBI, BB Securities Ltd, BTG Pactual and XP Investment Banking are also serving as joint bookrunners, and FT Partners is acting as co-manager for the offering.

PicPay expects to grant the underwriters a 30-day option to purchase up to an additional 3,428,572 Class A common shares at the initial public offering price, less underwriting discounts and commissions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations, or sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended, and the applicable securities laws of any other jurisdiction in which the offer and sale is conducted.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained by contacting: Citigroup Global Markets Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 800-831-9146; BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email at [email protected]; or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at 877-822-4089, or by email at [email protected].

A registration statement on Form F-1, including a prospectus which is preliminary and subject to completion, relating to the Class A common shares has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About PicPay:

PicPay is the second-largest digital bank in Brazil by number of customers. PicPay began its operations with instant payments and the use of QR codes and has since evolved into a digital bank offering financial products and services such as digital wallets, credit cards, loans, “Buy Now Pay Later” (BNPL), investments and insurance to consumers and businesses. PicPay serves more than 66 million customers across Brazil, 42 million of whom were active in the third quarter of 2025, and reported an annualized return on equity (ROE) of 17.4% in the third quarter of 2025. In the first nine months of 2025, PicPay recorded total revenue and financial income of R$7.3 billion (approximately US$1.37 billion) and net profit of R$313.8 million (approximately US$59 million), with deposits held by consumers of R$27 billion (approximately US$5 billion) as of September 30, 2025.

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